This post sums it up nicely.
messages.yahoo.com
Look at the financials
by: hair_lip
35 of 63
Very interesting story, and I enjoy the "debate" going on. Taking a look at the finacials on edgar showed the following after 1st quarter.
Quarterly/Annualized
Written premium $44.2MM/176.8MM
Revenues $19.6MM/78.4MM
Net Income $1.4MM/5.6MM
Earnings/Share $0.06/0.24
Total Assets $179.4MM
Cash from operations (10.1)MM
All of this for a company that until today had a market cap of almost $1.4 billion.
Directors and officers own over 28% of the stock with Marc Sparks owning 2,365,000 or 9.7% and Jeffrey Nelson 1,198,000 or 4.9%. Also, two investors (VCs or Angels?) L. Feldman and M. Belzberg own 2,055,555 and 822,222 respectively.
In addition to having stock of almost $100MM, Mr. Sparks made $510,000 salary. Mr. Nelson with almost $50MM in stock made $465,000. The company also leases its facilities from Sparks and Nelson.
It seems that Unistar, after doing a reverse IPO, bought two companies USFHC and IFHC from Sparks and Nelson. At least $84.1MM in goodwill appears to be carried on the books from the acquisitions.
Finally, since 8/26/97, the company has been operating under regulatory administrative oversight of the Texas Department of Insurance.
Here's the 10Q
edgar-online.com
and here's the 8K
edgar-online.com
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